Store Research
Assembly Bill 2146 (Rainey – 1996)
Chapter 86, Statutes of 1996
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Several Probate Code sections were amended, and section 2544.5 was added, with the passage of Assembly Bill 2146 of 1996. (See Exhibit #1c) Assembly member Richard Rainey introduced this measure relating to probate transactions on behalf of the California Association of Public Guardians, Public Conservators, and Public Administrators. (See Exhibits #8, page 1; and #10, document A-28)
Assembly Bill 2146 was assigned to the Assembly Committee on Judiciary and the Senate Committee on Judiciary where policy issues raised by the bill were considered. (See Exhibits #3 and #6) One amendment was made to Assembly Bill 2146. (See Exhibits #1b and #2) Subsequent to legislative approval, Governor Pete Wilson signed the bill on June 30, 1996 and it was recorded by the Secretary of State on July 1st as Chapter 86 of the Statutes of 1996. (See Exhibit #1c)
The Consent Analysis by the Office of Senate Floor Analyses summarized Assembly Bill 2146, as last amended on March 28, 1996 as follows:
This bill modifies probate law to:
Permit a guardian/conservator to sell mutual funds of a ward/conservatee that are held without designation of a beneficiary without the authorization, confirmation or direction of the court absent a court order specifically limiting such sale.
Add to the list of specific securities that may be sold by a guardian/conservator without authorization, confirmation or direction of the court, the sale of securities that are to be directly redeemed by the issuer.
Increase the threshold at which a formal probate proceeding must be filed from $60,000 to $100,000 dollars.
Increase the threshold value of an estate that may be appraised by the public guardian/conservator, rather than by the probate referee, from $10,000 to $100,000, with the limitation that property sought to be sold without a requirement of court authorization, confirmation or direction and that is valued in excess of $10,00, must still be appraised by a probate referee.
Increase the threshold, at which a person claiming as a successor to real property is permitted to file and record his or her claim by affidavit, from real property with a gross value of $10,000 to real property with a gross value of $20,000.
(See Exhibit #8, pages 1 and 2)